Is blockchain the future of humanitarian aid?
The World Economic Forum takes you to a refugee camp ran by blockchain.
To shop at supermarkets, there is no need to bring cash. For payment, they look into a camera and the iris scanner connects to their World Food Programme (WFP) accounts.
The WFP used to pay directly to refugees. But the payments cost millions of dollars in bank transaction fees. Blockchain has cut the fees by 98%. With blockchain, there is no need for a bank account or cash. Funds can be debited directly from the World Food Programme.
Passports, exam certificates and financial histories are often destroyed during conflict or seized by hostile governments. It is hoped blockchain could help refugees to find work as it can store a person’s digital identity wthout the need for paperwork.
This should be the future or, better yet, the present of humanitarian aid.